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Insulin pens are growing in popularity as people with diabetes nowadays prefer insulin pens to administer insulin. The insulin pen contains a disposable needle dial to measure dosage and a cartridge. They allow more simple, convenient, and accurate delivery than using a syringe and vial. Rising prevalence of diabetes, growing advancements in insulin pens by key players, growing need for safety vaccinations, increasing preference to home-use applications, favourable reimbursement scenario in developed countries and awareness about the insulin pens among people are some of the factors that are expected to augment the market growth during the forecast period. For instance, in September 2019, Owen Mumford Inc. announced the launch of Ateria SafeControl, the next generation of the safety pen needles.
Rising prevalence of diabetes, growing advancements in insulin pens by key players, growing spending capcity are some of the factors that are projected to drive the market growth.
However, high costs associated with insulin pens is likely to hamper the growth of the insulin pen needles market.
Key Market Driver -
Rising prevalence of diabetes, growing advancements in insulin pens
Key Market Restraint -
High costs associated with insulin pens
By product type, the market can be segmented into standard insulin pen needles and safety-engineered insulin pen needles. By application, the market can be segmented into type I diabetes and type II diabetes. By distribution channels, the market can be segmented into hospital pharmacies, retail pharmacies & drug stores, and online pharmacies.
Geographically, the insulin pen needles market can be segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The major companies in the global insulin pen needles market report includes BD, Novo Nordisk A/S, Owen Mumford Inc., VOGT MEDICAL, HTL-STREFA, Inc., YPSOMED, and other prominent players.
The global insulin pen needles market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is anticipated to lead the global insulin pen needles market due to the rising prevalence of diabetes in the region. According to The National Diabetes Statistics Report, 2020, 34.2 million Americans have diabetes. Also, the availability of favourable reimbursement scenarios and growing investments for research development in insulin pens are responsible factors for its dominance. The market in Europe is likely to have substantial growth throughout the forecast period owing to the rising geriatric population, and the rising prevalence of diabetes. An increasing patient pool of diabetes, growing preference to home use applications & safety vaccinations, and awareness about the insulin pen needles among the people are the factors expected to fuel the market growth in Asia Pacific and Latin America during the forecast period. On the other hand, the Middle East and Africa is projected to have a lucrative growth in the insulin pen needles market in the near future owing to the growing technological advancements in insulin pens.
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